Bimini Capital Financials

BMNM

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Bimini Capital (BMNM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI BMNM FY2025 2026-05-08

FY2025’s profit rebound sits on a thin equity base, so balance-sheet leverage still shapes how reported strength should be read.

Net income of $5.8M in FY2025 exceeded operating cash flow of $2.9M, so the return to profitability was only partly cash-backed. Meanwhile, debt-to-equity fell from 4.0x to 2.2x because equity recovered faster than debt moved, so the leverage ratio improved more from a larger denominator than from aggressive debt reduction.

ROE of 46.0% versus ROA of 4.5% shows shareholder returns were amplified by leverage rather than by exceptional asset productivity. With only $12.6M of equity supporting $129.7M of assets, even moderate balance-sheet moves can produce outsized swings in reported equity results because the capital base is still small.

Cash of $12.7M roughly matched total equity at $12.6M, which means most of the book-value cushion was held in liquidity rather than in a large surplus over liabilities. That posture adds flexibility, but liabilities still funded about 90.3% of assets in FY2025, keeping the business structurally balance-sheet-driven.

Financial Health Signals

Financial health score pending refresh

We are recalculating Bimini Capital's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial

4/6

Bimini Capital passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Low Quality

0.50x

For every $1 of reported earnings, Bimini Capital generates $0.50 in operating cash flow ($2.9M OCF vs $5.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$16.9M

YoY+41.9%

5Y CAGR+10.9%

10Y CAGR+14.6%

Bimini Capital generated $16.9M in revenue in fiscal year 2025. This represents an increase of 41.9% from the prior year.

EBITDA

N/A

Net Income

$5.8M

YoY+544.2%

10Y CAGR-20.7%

Bimini Capital reported $5.8M in net income in fiscal year 2025. This represents an increase of 544.2% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$12.7M

YoY+123.9%

5Y CAGR+10.9%

10Y CAGR+6.6%

Bimini Capital held $12.7M in cash against $27.3M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

34.3%

YoY+45.3pp

5Y CAGR+88.8pp

10Y CAGR-1339.3pp

Bimini Capital's net profit margin was 34.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 45.3 percentage points from the prior year.

Return on Equity

46.0%

YoY+65.1pp

5Y CAGR+61.9pp

10Y CAGR-40.5pp

Bimini Capital's ROE was 46.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 65.1 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

Bimini Capital spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

N/A

BMNM Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$16.9M+41.9%	$11.9M-4.9%	$12.5M-10.8%	$14.0M+8.4%	$12.9M+28.2%	$10.1M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$12.6M+12.0%	$11.3M+7.2%	$10.5M+6.7%	$9.8M+18.7%	$8.3M+24.3%	$6.7M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$6.8M-9.7%	$7.5M+39.2%	$5.4M+154.3%	$2.1M+91.5%	$1.1M-50.0%	$2.2M
Income Tax	-$1.3M-142.0%	$3.1M-24.5%	$4.1M-65.2%	$11.9M+3323.7%	-$368K+73.1%	-$1.4M
Net Income	$5.8M+544.2%	-$1.3M+67.2%	-$4.0M+79.9%	-$19.8M-7297.6%	$275K+105.0%	-$5.5M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$5.3M+9.5%	$4.8M+7.8%	$4.5M+16.3%	$3.9M+4.9%	$3.7M+12.3%	$3.3M+9.0%	$3.0M+3.9%	$2.9M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$3.7M-4.2%	$3.9M+30.9%	$3.0M+5.4%	$2.8M-3.6%	$2.9M+3.7%	$2.8M+7.3%	$2.6M-5.6%	$2.8M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$1.2M-22.3%	$1.5M-9.7%	$1.7M-1.8%	$1.7M-6.1%	$1.8M-7.0%	$2.0M+0.1%	$2.0M+12.4%	$1.8M
Income Tax	$217K+111.6%	-$1.9M-603.7%	$371K+5561.3%	$7K-96.4%	$181K-91.2%	$2.1M+277.4%	$547K+404.7%	$108K
Net Income	$801K-76.3%	$3.4M+85.6%	$1.8M+4165.5%	$43K-92.3%	$553K+136.8%	-$1.5M-686.0%	$256K+193.6%	-$274K
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BMNM Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$129.7M-16.2%	$154.9M+23.3%	$125.6M+45.5%	$86.3M-29.3%	$122.1M-5.1%	$128.7M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$12.7M+123.9%	$5.7M+52.6%	$3.7M-38.2%	$6.0M-28.6%	$8.4M+11.4%	$7.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$117.1M-20.9%	$148.0M+26.0%	$117.5M+58.3%	$74.2M-16.7%	$89.1M-5.4%	$94.2M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$27.3M-0.1%	$27.4M-0.1%	$27.4M-0.1%	$27.4M-0.1%	$27.4M	N/A
Total Equity	$12.6M+85.0%	$6.8M-16.1%	$8.1M-33.0%	$12.1M-63.3%	$33.0M-4.3%	$34.5M
Retained Earnings	-$317.2M+1.8%	-$323.0M-0.4%	-$321.7M-1.3%	-$317.7M-6.7%	-$297.9M+0.1%	-$298.2M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$58.5M-54.9%	$129.7M-7.2%	$139.7M+0.7%	$138.7M-8.4%	$151.4M-2.2%	$154.9M+2.1%	$151.6M+25.9%	$120.4M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$16.4M+29.0%	$12.7M+32.8%	$9.6M+79.3%	$5.3M+22.1%	$4.4M-23.0%	$5.7M+24.3%	$4.6M-7.7%	$4.9M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$1.8M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$45.0M-61.5%	$117.1M-10.3%	$130.5M-0.6%	$131.3M-8.8%	$144.1M-2.7%	$148.0M+3.3%	$143.3M+27.5%	$112.4M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$27.3M0.0%	$27.3M0.0%	$27.4M0.0%	$27.4M0.0%	$27.4M0.0%	$27.4M0.0%	$27.4M0.0%	$27.4M
Total Equity	$13.4M+6.3%	$12.6M+36.6%	$9.2M+24.6%	$7.4M+0.6%	$7.4M+8.1%	$6.8M-18.0%	$8.3M+3.2%	$8.1M
Retained Earnings	-$316.4M+0.3%	-$317.2M+1.1%	-$320.6M+0.6%	-$322.4M0.0%	-$322.5M+0.2%	-$323.0M-0.5%	-$321.5M+0.1%	-$321.8M

BMNM Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$2.9M-9.7%	$3.2M+87.9%	$1.7M-69.0%	$5.5M-1.0%	$5.5M+326.0%	$1.3M
Capital Expenditures	N/A	N/A	$0-100.0%	$46K	$0	N/A
Free Cash Flow	N/A	N/A	$1.7M-68.7%	$5.4M-1.9%	$5.5M	N/A
Investing Cash Flow	$35.9M+217.7%	-$30.5M+35.2%	-$47.1M-717.5%	$7.6M+466.3%	$1.3M-99.1%	$142.0M
Financing Cash Flow	-$31.9M-205.4%	$30.2M-29.7%	$43.1M+366.8%	-$16.1M-102.2%	-$8.0M+94.5%	-$144.8M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$0	$0-100.0%	$13K-98.8%	$1.1M-40.3%	$1.8M	$0

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$201K-90.3%	$2.1M-2.8%	$2.1M+19.1%	$1.8M+157.5%	-$3.1M-175.2%	$4.1M+469.7%	-$1.1M-194.3%	$1.2M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$72.2M+354.3%	$15.9M+292.0%	$4.1M-69.0%	$13.1M+354.9%	$2.9M+143.6%	-$6.6M+77.7%	-$29.5M-1511.8%	$2.1M
Financing Cash Flow	-$70.1M-379.4%	-$14.6M-715.5%	-$1.8M+87.0%	-$13.8M-722.1%	-$1.7M-140.3%	$4.2M-86.2%	$30.1M+1842.9%	-$1.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	$0	N/A	N/A

BMNM Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	34.3%+45.3pp	-11.0%+20.9pp	-31.8%+109.6pp	-141.4%-143.5pp	2.1%+56.5pp	-54.4%
Return on Equity	46.0%+65.1pp	-19.1%+29.9pp	-49.0%+114.5pp	-163.5%-164.3pp	0.8%+16.8pp	-15.9%
Return on Assets	4.5%+5.3pp	-0.8%+2.3pp	-3.2%+19.8pp	-23.0%-23.2pp	0.2%+4.5pp	-4.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	2.17-1.8	4.01+0.6	3.37+1.1	2.26+1.4	0.83-1.9	2.73
FCF Margin	N/A	N/A	13.6%-25.1pp	38.7%-4.0pp	42.8%	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	15.1%-54.7pp	69.8%+29.3pp	40.6%+39.4pp	1.1%-13.9pp	15.0%+60.7pp	-45.8%-54.3pp	8.5%+18.0pp	-9.4%
Return on Equity	6.0%-20.8pp	26.8%+7.1pp	19.7%+19.1pp	0.6%-6.9pp	7.5%+29.5pp	-22.0%-25.1pp	3.1%+6.5pp	-3.4%
Return on Assets	1.4%-1.2pp	2.6%+1.3pp	1.3%+1.3pp	0.0%-0.3pp	0.4%+1.3pp	-1.0%-1.1pp	0.2%+0.4pp	-0.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	2.04-0.1	2.17-0.8	2.96-0.7	3.69-0.0	3.71-0.3	4.01+0.7	3.29-0.1	3.39
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Bimini Capital's annual revenue?

Bimini Capital (BMNM) reported $16.9M in total revenue for fiscal year 2025. This represents a 41.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Bimini Capital's revenue growing?

Bimini Capital (BMNM) revenue grew by 41.9% year-over-year, from $11.9M to $16.9M in fiscal year 2025.

Is Bimini Capital profitable?

Yes, Bimini Capital (BMNM) reported a net income of $5.8M in fiscal year 2025, with a net profit margin of 34.3%.

How much debt does Bimini Capital have?

As of fiscal year 2025, Bimini Capital (BMNM) had $12.7M in cash and equivalents against $27.3M in long-term debt.

What is Bimini Capital's net profit margin?

Bimini Capital (BMNM) had a net profit margin of 34.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Bimini Capital's return on equity (ROE)?

Bimini Capital (BMNM) has a return on equity of 46.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Bimini Capital's operating cash flow?

Bimini Capital (BMNM) generated $2.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Bimini Capital's total assets?

Bimini Capital (BMNM) had $129.7M in total assets as of fiscal year 2025, including both current and long-term assets.

What is Bimini Capital's debt-to-equity ratio?

Bimini Capital (BMNM) had a debt-to-equity ratio of 2.17 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Bimini Capital's return on assets (ROA)?

Bimini Capital (BMNM) had a return on assets of 4.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Bimini Capital's Piotroski F-Score?

Bimini Capital (BMNM) has a Piotroski F-Score of 4 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Bimini Capital's earnings high quality?

Bimini Capital (BMNM) has an earnings quality ratio of 0.50x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.